Ah yes, this is what it's all about! After the shadow boxing of the group stages, the big clubs now get into the rough stuff and some momentous bouts await. Arsenal will doubtless be the most happy of the English teams, but the others' misfortune is a boon for neutrals, who have much to relish from the clashes between Real Madrid and Liverpool, Chelsea and Juventus and Manchester United and Internazionale.

The sub-plots will dominate the build-ups – Rafael Benítez heading home to Real, Claudio Ranieri returning to Stamford Bridge and hoping to prove to Roman Abramovich that dead men can dance, and, of course, Jose Mourinho looking forward to another wild jig down the Old Trafford touch line.

With two months and one transfer window to go till the ties, the sides could be significantly different by the time they meet, but none of them are likely to be weaker. Chelsea will be glad not to have to meet Juventus immediately because, while Luiz Felipe Scolari's side are stuttering, the Old Lady is currently on song, winning eight of their last nine league games and topping their Champions League group thanks to home and away wins over Real Madrid. Summer recruit Amauri is proving a penetrative spearhead, Alessandro del Piero remains inspirational and the current injury to Pavel Nedved may work against Chelsea, as it will force Ranieri to give more playing time to the highly promising winger Paolo De Ceglie.

Juve's solid form, however, owes much to their ability to outmuscle most Serie A teams in midfield – it is difficult to imagine that Momo Sissoko will be so able to bully Chelsea, even if Michael Essien is unlikely to be back by then.

If the Premier League is the best in Europe, as is often argued, then the draw has given Italian sides an opportunity to reassert Serie A's credentials and the flag-bearer will be Inter. Given that they are on course for a fourth consecutive domestic title, they might be expected to at least boast a certain continuity, but the reality is they are a team in transition.

Mourinho, who has a proud record when it comes to out-witting Sir Alex Ferguson, was hired in the summer to enhance their European performances but the improvement has yet to arrive and they only crawled out of their pool in second place behind Panathinaikos. He has recently been deploying a 4-4-2 in the league but he has said he does not believe this formation will bring success in Europe, so is likely to to take on United with a 4-3-3, with Mancini and Ricardo Quaresma flanking Zlatan Ibrahimovic, who will be seeking to break a long habit of flopping on the big stage. Though Mourinho and Mancini will perhaps target United in the right-back position, the key to the tie will probably be how Ferguson resolves the ongoing Dimitar Berbatov conundrum.

Juande Ramos presently has plenty of puzzles to occupy him at Real Madrid and though the Spaniards are one of only two clubs to have been European champions more often than Liverpool, the draw will surely not have frightened Benítez. If Atlético alumni Fernando Torres is available to heal the Anfield side's striking problems and with the second leg at Anfield, Benítez will be confident of progressing. His chief worry will probably be Arjen Robben, who, if fit, certainly has the ability to exploit Liverpool's vulnerability at left-back.

While all the above ties promises intrigue, the most entertaining tie of the round could be the goal-fest between Barcelona and Lyon, provided it does not become too one-sided.